Brendan Conway joins the News Hub to preview the markets this morning, weighing in on the changes in Apple stock and its impact on the Nasdaq as a whole. Photo: Getty Images.

This transcript has been automatically generated and may not be 100% accurate.

... the the ... there's more to talk about in markets still planning on we rejoined his ... friend and ... he mentioned that the markets like the jobs report ... now what else is going on we had Apple yesterday ... preparing to getting back some of some of the guillotine of ... comeback from a very steep fall ... a little surreal afforded ... to you at Apple actually I'd I think this is really fastening storytime above the market to work for him right now ... I'm ... at Apple is you know has such a sway over certain stock indexes like aam ... net Nasdaq one hundred and twenty two percent of it so ... you know that when Apple's doing really well it's going to get all boats are to be lifted to certain extent ... when it's not ... not so pop ... on ... Wednesday Apple fell by more than six percent and ... there's some talk among analysts that you know they've maybe there's some doubts about product but what what you're hearing a lot more of our traders are loading for ... this so that they can avoid capital gains hits next really you think Texas ... I'd you know I can't prove it ... but ... if a key futures see this kind of parabolic upward move in we had earlier this year Apple and then suddenly it stalls out ... I think what you're looking at here is a couple things you're looking at ... the the the the the fact that people who got on the bandwagon with getting where it right Apple has this core of true leaving investors ... they have great numbers behind them ... you know they've been right for so long but you also have these momentum traders ... those people I think I've ... lost faith ... here thing is is is that you do see ... certain high performing sectors ... certain sectors that you wouldn't expect to be falling over the last month or two ... yet it right in the fiscal cliff worried they would be dumping Visa and they are Apple ... they are high dividend stocks that I I I think doesn't mean a lot of sense ... I'd to do that ... with ... you shortly to see so that I heard an upswing of talk this week ... that people were getting rid of apple ... pecan is ... preferred for tax reasons a a a because Apple had to have run up so much to be the cause they are worried about kind of the tax hit ... they're taking a little bit of their best positioned ... in selling and ordered me to I guess I guess theoretically you ... it has had the run up you may have a lot of people in there with a low cost basis ... and ... you know teach ten year you're you're kept gains taxes increase I in for good if it's fifteen percent to ... twenty four percent when you add in the Medicare ... the Medicare thing that skin in the long-term chapel gains ... come celebrate there I guess ... you have to assume just to be even ... of a sizable increase the share price next year to offset ... the extra games to be paying for ... so the next year so maybe that's what what people think that that that that could introduce you certainly see that this market really I'm you know ... that the risk of overstating it like traders are still hostage to the fortunes of one company ... and in good times it's wonderful work so well ... in bad times you know I'd I recall back in March saying ... just know how much Apple you have because there's so much of it in your index funds ... if you also have the stock ... you have this outsize bid only on the media that the symbol point but in all a lot of reader unhappiness with ... with that simple point Limited its AOL and happiness the last couple months it's it's come back to bite some folks ok now let's move on to the fiscal cliff ... do we have ... you really need concern right now on the markets about that and they're they're just ... it's really raising ... the mobile market is putting its trust in DC the market is saying ... we trust you guys to figure this out ... he'll come up with some kind of solution ... where they keep going and so the Dow finished yesterday at a one-month high ... even though I'm in the future look of what's coming and watched in front ... of ... that was politically have the story saying basically that ... the the the the the White House liaison to Congress ... went back to Mr Bain or does the speaker instead on ... were not budging an inch on taxes ... you guys have to punch so they're still ... not playing this game of chicken two sides and markets are just kind of expecting them that although the market fears that the two sides are fairly close when it comes to the top line number ... ah but someone still house to take a step yet that their base is not to like in either one would do it ok ... great comics asymmetric honest